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In this blog post I want to share the reason behind my short USD/JPY setup, on which I was stopped out at a small loss -7 pips, which in my book is still a BE trade. The reason why I was short was because we open the market with a gap below the 117.20 support level, and even though later we manage to come back above that support there was not much of a follow through.
The 117.20 support level have been tested for so many times that it was obvious that at one point will give up, and once I saw we have a gap below that support level I entered on the first retracement. The irony is that right after I was stopped out the market started to move back down.
You have to play defensively taking in consideration that I go full size on each trade, otherwise you can lose your account balance very fast.
Best Regards,
Daytrader21
Figure 1. USD/JPY 1h Chart.
The 117.20 support level have been tested for so many times that it was obvious that at one point will give up, and once I saw we have a gap below that support level I entered on the first retracement. The irony is that right after I was stopped out the market started to move back down.
You have to play defensively taking in consideration that I go full size on each trade, otherwise you can lose your account balance very fast.
Best Regards,
Daytrader21
